Additional Coverage Information 2021
Welcome to our ML Cutler Family! Thank you for trusting us with your Insurance needs.
I am writing to familiarize you with important additional insurance coverage information to ensure you are properly protected under the current policies written through our office.
The following is a brief listing of coverage recommendations. Please consider these recommendations as they may apply to your Personal or Business exposures (and may not be included in your current Insurance Program).
Your Personal Insurance Coverage Recommendations: Homeowner/Condominium/Apartment/ Personal Automobile Coverage Liability and Physical Damage, rental car/gap insurance, Umbrella Liability, Boat, Earthquake, Flood, Water damage [sump pump etc.] Furs, Jewelry, Flood, Earthquake.
Your Business Insurance Coverage Recommendations:
A. Workers Compensation – This coverage is required by State statute for a corporation or if you have employees via W2 or hired workers/ contractors via 1099. Workers’ compensation should be considered for an LLC. Please advise us of the name of your current insurance carrier and expiration date of the policy, for our records. If you do not currently have coverage in place, please contact our office for a quote.
B. Automobile Liability - This coverage is required by State statute for any registered vehicles in your personal or Business name. Please advise us of the name of your current insurance carrier and expiration date of the policy, for our records. If you do not currently have coverage in place, please contact our office for a quote.
C. Loan Lease Coverage Gap - For financed/ or leased vehicles, (if not provided by the lender/lessor). Please call for quote
D. Employee Benefits Liability - $1,000,000 limit approximate annual premium between $250 - $500/ year depending on number of employees (with respects to errors regarding your health insurance /401 k plans)
E. Employee Dishonesty Theft of Business Funds or Property - Approximate annual premium, between $300 to $1,000 for $100,000 limit - Higher limits are available (requires an application). Also available is third-party theft of monies/or property in your care/custody/or control.
F. Fiduciary Liability for you as Business Owner with an Employee 401k Plans - Approximate annual minimum premium $1000 for $1,000,000 limit, depends on plan assets (requires an application). Your 401K Plan administrator does NOT provide insurance for you as the Employer/Fiduciary responsibility if you are named in a suit.
G. Employment Practices Liability - Covers Employer for harassment /wrongful termination etc. Approximate minimum annual premium, between $1500 to $2500 for $1million limit, depending on the number of employees (requires an application)
H. Cyber Liability - Financial losses that result from a data breach and other cyber events approximate minimum annual premium, between $1000 to $2500 for $500,000 limit (requires an application)
I. Umbrella Liability Policy -Excess limit over your existing Auto and General Liability limits. Approximate annual premium approximately $300 to $1500 for $1,000,000 limit
J. Professional Liability, Director and Officers (D &O) Coverages - Applications are required to quote, annual premiums are quite variable, depending on your operation detail/financials/limit/exposure.
K. Property of others/Flood/Earthquake are also additional coverages to consider.
Please consider these additional coverage suggestions, as they are indeed in your best interest, for they can pose the unfortunate possibility of an uncovered loss in the future. It is important to note, the above recommendations are not a complete list of available Insurances or Bonding needs.
We are a full-service insurance agency and represent numerous insurance carriers. We would appreciate the opportunity to provide you a timely quote. (Including: Commercial, Personal, Life & Health, and long-term care).
Please contact me (or your ML Cutler Account Representative) with any quote requests, questions, or concerns. Thank you for your time, we look forward to working with you and appreciate your continued patronage and trust.
Jim Mignone, President